SR1.6 billion titanium sponge factory on way

Updated 30 April 2015

SR1.6 billion titanium sponge factory on way

The Royal Commission in Yanbu (RCY) has signed a lease for an industrial land to establish a factory for titanium sponge production with an estimated cost of SR1.6 billion.
The contract was signed by Alaa bin Abdullah Nassif, CEO of the Royal Commission in Yanbu, with the Advanced Metal Industries Complex Ltd., a subsidiary company of Saudi Arabia’s National Industrialization Co. (Tasnee).
The company, under the scope of the contract, will also expand the current plant using high-pressure oxidation line technology for the production of titanium dioxide at a cost of SR1.35 billion.
It is expected that the two projects will be completed and start production by 2017.
The construction will be next to the current crystal factory in Yanbu Industrial City.
The total production of the two projects is likely to reach 15,600 metric tons per year of titanium sponge that goes into many high-tech industries, including all types of aircraft components, along with 120 thousand tons per year of dioxide titanium.
Tasnee has also signed a participation agreement for the establishment of a project for the production of titanium sponge with Toho Japanese Company.
The company said that the project will be established in Crystal Complex in Yanbu, with 32.5 percent of the project’s ownership for each of the manufacturing company and Crystal company (belonging to Tasnee), and 35 percent for Toho company.

Banking shares help key Saudi index edge up 0.2 percent

Updated 23 October 2019

Banking shares help key Saudi index edge up 0.2 percent

  • Property shares weigh on Egypt; other Gulf markets mixed

Most Gulf stock markets moved marginally amid falling oil prices on Wednesday, while Egypt’s blue-chip index declined, led by property shares.

DUBAI: Oil prices slipped toward $59 a barrel on data showing a bigger-than-expected rise in US crude stocks, while the prospect of deeper output cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies offered support.

Saudi Arabia’s index extended gains from the previous session to close 0.2 percent up. Al-Rajhi Bank gained 0.7 percent, while Alinma Bank rose a further 1.3 percent.     

On Tuesday, Alinma reported a rise in third-quarter profit to SR713 million ($190.10 million) compared to 637 million a year earlier.    

However, gains were capped by losses in petrochemical stocks.

Sahara International Petrochemical (Sipchem) slid 2.8 percent following a more than 38 percent plunge in third-quarter net profit.

The petrochemical maker said it was due to a decrease in selling prices for most of the products.

Egypt’s blue-chip index decreased 0.5 percent, with most stocks on the index falling. Property stock Talaat Mostafa lost 1.7 percent and El-Sewedy Electric was down 1.5 percent. Among other stocks, developer Madinet Nasr also decreased 1.9 percent. 

Egypt’s nonoil private sector contracted for the second consecutive month in September, according to the IHS Markit Egypt Purchasing Managers’ Index (PMI).     

In Dubai, the index closed 0.3 percent down with Emaar Properties shedding 1.1 percent and Dubai Islamic Bank  falling 0.6 percent. 

The Abu Dhabi Index added 0.3 percent, extending gains for a third straight session, with First Abu Dhabi Bank and Aldar Properties gaining 0.4 percent and 1.8 percent respectively. 

Qatar’s index dipped 0.2 percent, extending losses for a fifth straight session, as Qatar Fuel declined 1.6 percent and Mesaieed Petrochemical ended 2.2 percent lower.

But Commercial Bank edged up 0.2 percent after it reported a rise in nine-month profit to QR1.50 billion ($412.09 million) compared to QR1.35 billion a year earlier.